Which is the best debt rescheduling loan?Debt rescheduling loans are offered by all major credit institutions. These include the well-known private branch banks such as Deutsche Bank, Commerzbank or Postbank as well as savings banks and direct banks such as DKB or ING Bank. Those with sufficient creditworthiness can of course also use a consumer loan for debt rescheduling, but as described it is advisable to make sure that you explicitly take out a debt rescheduling loan and, when selecting suitable providers, to limit yourself accordingly to those that offer such loans.
Of course, it is possible to inquire at locally established branch banks. In a mostly personal counseling interview all possibilities can be discussed. Clarify details of follow-on financing or debt restructuring.
Much more convenient and efficient in many cases, however, is the research on the Internet. In addition, online banks often prove to be the cheaper alternative due to their lack of an expensive branch network.
Which bank is the right one for your own financing requirements can be determined in just a few steps with the help of an online loan comparison tool. It provides suitable offers with different conditions based on the individual requirements of a debt restructuring, such as its total amount, its term and the monthly installment resulting from both values.
Debt restructuring despite negative Schufa
Most banks use credit agencies such as Schufa to check creditworthiness in connection with a loan application. These collect and store data on the payment behavior of consumers. Current loans and other payment obligations, together with negative events such as dunning procedures or enforcement proceedings, flow into a standardized scoring value in a complex calculation, which lenders use to assess an applicant's creditworthiness at a glance.
This procedure works on the basis of sober, logical criteria and thus leaves little room for an individual assessment of an applicant's situation.
Especially for debt rescheduling loans this results in a contradiction. A debt rescheduling loan can be used specifically to simplify a financially strained situation. An expensive overdraft facility can be paid off in the same way as it is possible to reduce effort and costs by combining several loans. However, this already existing burden is often the reason why applicants are not granted a loan by lenders after a credit check via the Schufa.
A way out of this dilemma is in many cases a loan without Schufa, which can also be used as a debt rescheduling loan. Classical house banks, predominantly the large branch banks, are rather reserved in this segment. They estimate the risk associated with the granting of credit as too high and deliberately refrain from making an offer.
However, numerous online banks can be found that also specialize in this lending business. Overall, when choosing a provider for a loan despite negative Schufa caution is advised. Not all providers are reputable. In particular, if they are not the lender itself, but a credit intermediary on closer examination, there is a risk of ultimately paying for a loan through upfront fees, which ultimately does not necessarily come about at all.
Also respectable offerers let themselves pay the increased risk by a facilitated credit investigation. Borrowers must expect a surcharge for credit without a credit history compared to the usual market interest rates for loans with Schufa. Some providers also require the conclusion of additional insurance policies to secure the loan amount. All in all, such offers should be well examined and evaluated with healthy distrust before the signature is placed under a momentous contract.
What reputable banks generally require when granting a loan is proof of salary. Even if the lender waives a Schufa query, he understandably wants to know at least whether the borrower in principle has the financial means to pay the monthly loan installment at all.
An alternative, which is also available at many branch banks and large private banks, is the appointment of a loan guarantor. In a guarantee, another person undertakes to fully cover the borrower's financial obligations in the event of default. Of course, this guarantor must prove to the bank the required creditworthiness.
A debt restructuring is in many cases a useful tool to improve the personal financial situation. Whether as follow-up financing of a long-standing real estate financing with expiration of the debit interest commitment, as redemption of an expensive overdraft facility or as combination of different individual credits – with a rescheduling credit consumers can profit from more favorable credit interest and reduce costs as well as expenditure.
In addition to the major branch banks, most direct banks also offer designated debt rescheduling loans. These differ primarily in the processing of the disbursement, which is made directly to the lender of the loan to be redeemed. Otherwise, the same conditions apply to a debt rescheduling loan as to any other loan.
Whether debt restructuring is worthwhile always depends on the individual case and the financial market situation. It is not always possible to take out a loan that is more favorable than one that is already running. In addition, early replacement can result in additional costs, which must be taken into account when calculating the possible savings. Applying for a debt rescheduling loan online is straightforward. Can be mastered in just a few steps. If the credit decision is positive, the old credit is history after just a few days. Even with a negative financial history, in the form of a burdensome Schufa entry, a debt rescheduling loan is not completely out of the question. With the right provider, a debt restructuring loan is the first step toward a debt-free future.